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VERTEX PHARMACEUTICALS REPORTS 1992 FIRST QUARTER RESULTS

 VERTEX PHARMACEUTICALS REPORTS 1992 FIRST QUARTER RESULTS
 CAMBRIDGE, Mass., April 22 /PRNewswire/ -- Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) reported financial results today for the first quarter ended March 31, 1992. The company's net loss for the quarter was $1,642,000, or 14 cents per share, compared to $1,231,000, or 19 cents per share for the same period in 1991. Expenditures on research and development for the first quarter were $2,575,000 vs. $1,728,000 for the first quarter of 1991. Revenues for the first quarter were $1,463,000, principally from collaborative research and development and interest income. This figure compares to revenues of $825,000 for the first quarter of 1991.
 "Our first quarter results reflect the expansion of our new Inflammation Program, aimed at developing oral drugs to treat acute and chronic inflammatory conditions. We also continue to invest in our Immunosuppression Program, to develop selective immunosuppressive drugs to treat transplant rejection and autoimmune diseases, and our HIV Protease Program, which is aimed at developing antiviral drugs to treat AIDS and HIV Infection," stated Dr. Joshua Boger, Vertex's president. "We continue to m make significant progress in our programs."
 Vertex is a leader in the use of structure-based rational drug design, a scientific approach to drug discovery which uses atomic level information to design synthetic compounds that interact with protein targets involved in disease processes. Vertex is using advanced techniques of biology, chemistry and biophysics to create novel, small-molecule compounds that the company plans to develop as orally deliverable drugs to treat major human diseases. Vertex is concentrating on the development of drugs in the areas of immunology, inflammation, and antiviral therapy.
 Vertex Pharmaceuticals Incorporated
 Statement of Operations Data
 (In thousand, except per share amounts)
 Three months ended
 3/31/92 3/31/91
 Revenues:
 Collaborative and other
 research and development $900 $766
 Interest income 563 59
 Total revenues 1,463 825
 Costs and expenses:
 Research and development 2,575 1,728
 General and administrative 429 231
 Interest 101 97
 Total costs and expenses 3,105 2,056
 Net loss $1,642 $1,231
 Loss per common share 14 cents 19 cents
 Number of common shares outstanding
 for purposes of computing
 loss per common share 12,024,388 6,647,549
 Balance Sheet Data
 (In thousands)
 3/31/92 12/31/91
 Cash and short-term investments $48,902 $51,489
 Total assets 55,508 57,084
 Total stockholders' equity 50,565 52,207
 -0- 4/22/92
 /CONTACT: Richard Aldrich, vice president, Vertex Pharmaceuticals, 617-576-3111; or Robert Gottleib of Feinstein Partners, 617-577-8110, for Vertex/
 (VRTX) CO: Vertex Pharmaceuticals ST: Massachusetts IN: MTC SU: ERN


PB -- NE001 -- 1043 04/22/92 08:34 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
Words:449
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